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ENJ/USDT Potential Downward Movement

ENJ/USDT Long-Term Trend: Bearish

Key Resistance Levels: 1.5276, 1.9700, 2.6500

Key Support Levels: 1.3502, 1.2320, 1.0768

Daily Chart:

The price on the higher time frame is in a clear downtrend where it is posting lower lows and highs. Recently, the price succeeded to break the 1.9700 USDT mark, and it is traded below which shows that the sellers are still in control.

ENJ/USDT Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hour time frame, the coin posted a double top around the 1.7154 USDT mark which led to a reversal to the downside. The price is under the neckline of this pattern where we expect a higher correction and then a selloff all the way down to the 1.3522 USDT level.

Signal Idea:

Sell Limit Order @ 1.5176

TP 1 @ 1.3522

TP 2 @ 1.3502

Stop Loss @ 1.5995

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Turned out to be a nice trade, unfortunately few brokers trade this exotic crypto – mine doesn’t, so the signal did’t do anything for me.

    • Hello J-P, yeah it reached target profit 2. We will try to focus more on the main cryptos (BTC ETH XRP), but its good as well to post trading ideas about the exotic ones from time to time. Trade Safely.

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